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Jersey Geoff Cook

Jersey welcomes report backing global role of international finance centres

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Jersey Finance has welcomed the publication of academic research which outlines the positive roles that well-regulated international financial centres play in supporting growth around the world.

The report, International Finance Centers and the World Economy, is the result of 15 years of research by US economist Professor James Hines Jr of the University of Michigan and the National Bureau of Economic Research. The report was commissioned by the Society of Trust and Estate Practitioners, the global professional body for practitioners working in the field of trust, estates and executorship.

The report says IFCs contribute to financial development and stability in neighbouring countries and that they encourage investment, employment and other aspects of business development in high-tax countries.

The report follows on from the publication last week of the HM Treasury’s Review of British Offshore Financial Centres, which found that the Crown Dependencies make a significant contribution to the liquidity of the UK market, providing a combined net financing to UK banks of USD332.5bn in the second quarter of 2009, with Jersey providing in the region of USD218.3bn of that total.

Geoff Cook (pictured), chief executive, Jersey Finance, says: “We have always understood that Jersey makes a positive contribution to the City of London and thereby to the economy of the UK.  Now we have the independent evidence to show that not only is this the case, but that there are also global benefits to well-regulated international finance centres like Jersey, including wealth creation, employment, tax competition and high standards of governance.

“This is a significant, authoritative, detailed and credible research document compiled by a leading economist in the US and is further evidence of the valuable role played by leading international finance centres, backing up the findings of the Foot Review published only last week.”

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